Study shows half of bank customers feel undervalued – Ipsos Mori

A study released by market research organisation Ipsos Mori revealed that almost half (48%) of customers in the UK, Germany, France, and the US feel they are not valued by their bank.

A study released by market research organisation Ipsos Mori revealed that almost half (48%) of customers in the UK, Germany, France, and the US feel they are not valued by their bank.

Commissioned by GMC Software Technology, the survey of over 4,000 consumers also showed that 72% would like control over the format they receive information from their bank in and 74% said they would also prefer to decide at what time they were contacted.

Less than one in five, or 19%, credited banks with understanding how to deliver good customer experience, and in Britain only one in ten believed they were valued by their bank as a consumer.

Commenting on the findings, Mike Davies, vice president of GMC for EMEA North, said: "It’s time the banks started to show that they value their customers by listening and allowing customers to be involved in decisions that affect the banking experience."

This experience is increasingly characterised by digital media, with online-only being the most common way for bank customers to view statements.

However, Davies warned financial institutions against taking increasing demand for internet banking as reason to neglect more traditional distribution methods, saying: "Banks should provide multiple channels of communication, but they should ask consumers which ones they want to use, not tell them."

Despite the prevalence of online banking, the research also showed that although 80% found it convenient, 65% of customers felt the channel failed to deliver effective customer experience and only 32% said they felt it to be a truly interactive service.

"The research reveals that there is a time and place for each channel, and banks need to adopt the technologies and strategies that will help them engage effectively with each customer through the optimized channel that each customer chooses," Davies added.

 

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